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It's quicker and you aren't remortgaging, you're technically taking out a side mortgage. When your mortgage term ends you roll it all into one.
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Any difference between 'remortgaging' and 'further borrowing'?
There's an application either way. If you're still within your initial term (as my girlfriend is) then the only feasible option was to do the further borrowing.
I guess if she had been able to remortgage then there'd be other options.Depending on your current repayments, interest rate etc then one may make more sense than the other (early repayment fees depending on whether you're in the initial term etc)
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Any difference between 'remortgaging' and 'further borrowing'?
Remortgaging would technically involve paying off your existing mortgage so you may have some early repayment fees.
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Bainbridge
duncs
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@allsop
Thanks @duncs and @Bainbridge!
Edit; double thanks @duncs, not sure how I missed that post!
Any difference between 'remortgaging' and 'further borrowing'? Presumably the latter might be quicker, as there's not another application process to go through (given that yes, we have a chunk of equity to eat into)?